2012 Economic Calendar
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EIA Petroleum Status Report  
Released On 8/8/2012 10:30:00 AM For wk8/3, 2012
Crude oil inventories [weekly change]-6.5 M barrels-3.7 M barrels
Gasoline [weekly change]-2.2 M barrels-1.8 M barrels
Distillates [weekly change]-1.0 M barrels-0.7 M barrels

A drop in imports and a dip in domestic production during the August 3 week helped draw down oil inventories which fell 3.7 million barrels to 369.9 million. Though this is the second large weekly draw in a row and the sixth draw in seven weeks, inventories of oil remain extremely heavy and remain above the upper limit of their average range.

Operating at 92.6 percent of capacity, refineries remain very active and increased production of both gasoline and distillates in the week. Despite the increases, inventories of gasoline fell 1.8 million barrels in the week with distillate inventories down 0.7 million. Demand indications from the wholesale sector remain soft with gasoline down 4.2 percent year-on-year and distillates down 2.8 percent.

The weekly draw aside, the supply of oil remains very heavy. Oil is down nearly $1 to the $93.75 area following today's report.

The Energy Information Administration (EIA) provides weekly information on petroleum inventories in the U.S., whether produced here or abroad. The level of inventories helps determine prices for petroleum products.  Why Investors Care
As is evident from the chart, crude oil stocks can fluctuate dramatically over the year. When oil prices nearly reached $50 per barrel in August 2004, financial market players began to monitor crude oil inventories. It is not surprising to see sharp price hikes in crude oil when inventories are falling. Conversely, one would expect price declines when inventories are rising.
Data Source: Haver Analytics

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